D-Wave Quantum (NYSE:QBTS) Receives “Buy” Rating from Rosenblatt Securities

D-Wave Quantum (NYSE:QBTS)‘s stock had its “buy” rating reaffirmed by research analysts at Rosenblatt Securities in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $40.00 price target on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 28.22% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Williams Trading set a $35.00 target price on D-Wave Quantum in a research report on Monday, November 10th. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Mizuho initiated coverage on D-Wave Quantum in a research note on Thursday, December 11th. They issued an “outperform” rating and a $46.00 target price for the company. Wedbush assumed coverage on D-Wave Quantum in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price for the company. Finally, Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus price target of $33.67.

D-Wave Quantum Price Performance

NYSE QBTS opened at $31.20 on Wednesday. The company has a quick ratio of 54.49, a current ratio of 54.68 and a debt-to-equity ratio of 0.05. The company has a market cap of $10.92 billion, a PE ratio of -23.11 and a beta of 1.57. D-Wave Quantum has a 52 week low of $3.74 and a 52 week high of $46.75. The firm’s 50-day simple moving average is $26.73 and its two-hundred day simple moving average is $23.34.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. The company had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company’s revenue for the quarter was up 105.6% on a year-over-year basis. Research analysts predict that D-Wave Quantum will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 200,000 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the completion of the sale, the chief financial officer directly owned 1,482,874 shares in the company, valued at $34,017,129.56. The trade was a 11.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 806,288 shares of the stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the completion of the transaction, the chief executive officer directly owned 2,801,265 shares in the company, valued at $80,872,520.55. The trade was a 22.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 2,342,087 shares of company stock valued at $66,073,024. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently made changes to their positions in the stock. Baird Financial Group Inc. increased its stake in D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after acquiring an additional 1,300 shares during the last quarter. Royal Bank of Canada increased its position in shares of D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after purchasing an additional 60,668 shares during the last quarter. AQR Capital Management LLC increased its position in shares of D-Wave Quantum by 201.0% during the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after purchasing an additional 134,066 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after buying an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after buying an additional 24,382 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.